Sector note · Consumer and food
Consumer and food: what foreign buyers come for
Turkish buyers make four in five consumer and food deals in Turkey. Foreign buyers come mainly for one of two things: a brand that leads its category, or a plant that can supply their markets abroad.
Named deals
- 1Kocaman Balıkçılık, 51% Kyokuyo · value not disclosed · 2024
- 2Öztiryakiler, to 51% Hoshizaki · value not disclosed · 2024
- 3MAC Group Benefit Systems · USD 431.6m · 2025
- 4Oba’s noodle plant Nissin Foods · TRY 831.6m excluding VAT · 2025
- 5Espressolab, 70% MAIR Group · value not disclosed · 2026
- 01
Since January 2023, Turkish buyers made 181 of the 225 transactions in Orion’s register with a Turkish consumer, food, retail, leisure or agribusiness target; foreign buyers made 43, and in 33 of those the buyer was a company in the same business rather than a fund.
Orion Capital Partners register, January 2023 to September 2026
- 02
Poland’s Benefit Systems agreed in March 2025 to buy all of MAC Group, owner of MACFit, Turkey’s largest gym chain, from Actera and Esas Holding for USD 420m; after the agreed additions up to closing, it paid USD 431.6m in May 2025.
Benefit Systems, current report 34/2025, 7 May 2025
Medyascope, 13 March 2025
Karar, 13 March 2025 - 03
MAIR Group of Abu Dhabi agreed in September 2026 to buy 70% of Espressolab, a Turkish coffee chain with more than 400 cafés in 21 countries, over 310 of them in Turkey; the founders keep 30%, and the deal awaits regulatory approval.
- 04
Hoshizaki, which first invested in November 2019, took its stake in Öztiryakiler, a commercial kitchen equipment maker founded in 1958, to 51% in March 2024 and said it would strengthen the company’s role as a key base in the group’s global product supply.
- 05
Nissin Foods agreed in October 2025 to buy Oba Makarnacılık’s instant noodle plant in Sakarya, to sell in Turkey and to expand into Central Asia, the Middle East and North Africa.
Orion view
Know which you are selling: a brand that leads its category, or a plant that supplies markets abroad. A leading brand proves its lead with independent market data, sales by store or channel, and how quickly a new outlet pays for itself. A plant proves itself with its export customers, its certifications and the cost of a unit delivered abroad. Most other companies sell to Turkish groups adding scale, who pay for market share and margin.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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